CBRE National Senior Housing originated construction debt from HUD for a seniors housing development in Rancho Cucamonga, California. The project, Rancho Cucamonga Memory Care, is being built by a joint venture between Flatiron Development Group, Spring Capital Group and Anthem Memory Care. Upon completion, it will feature 64 units (72 beds) in a single-story, H-shaped building design. Resident units will make up the north and south wings, while the central portion will house the main entrance, commercial kitchen, laundry facilities, administrative offices, and communal living and dining spaces.
CBRE National Senior Housing’s Debt & Structured Finance Team, led by Aron Will, Joshua Hausfeld and John Turner, originated the $17.26 million loan through CBRE’s direct FHA Lending Platform. The financing, structured under HUD’s Section 232 Mortgage Insurance Program, provides construction funding that converts to a 40-year, non-recourse, fully amortizing permanent loan upon completion. The community is also pursuing National Green Building Standard Bronze Certification, which would qualify it for reduced Green Mortgage Insurance Premium of 25 basis points.
